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First Home Owner Grant NSW

From 1 July 2017, a $10,000 First Home Owner Grant (New Homes) Scheme is available for eligible first home owners who buy a new home up to the value of $600,000 or for the construction of a new home up to a completed value of $750,000.

The First Home Owner Grant (New Homes) Scheme is NSW Government initiative to help you purchase your first home.

The NSW State Government has announced a raft of initiatives to support first home buyers, which came into effect on 1 July 2017. Those changes include a grant of $10,000 for first home buyers purchasing a new property up to $600,000 or building a new property up to $750,000, where eligibility criteria is met. Further, insurance duty which was previously payable on Lender Mortgage Insurance has been abolished.

You may also be eligible for the First Home Buyers Assistance Scheme. If you are eligible, this scheme provides exemptions or concessions on transfer duty (Stamp Duty).

The NSW First Home Buyers Assistance Scheme is effective as of 1 July 2017 and includes the following:

An exemption from transfer stamp duty is available for eligible first home buyers purchasing a new or existing home valued up to $650,000 and concessions on duty for a new and existing home valued between $650,000 and $800,000.

Eligible purchasers buying a vacant block of residential land to build their home on will pay no duty on vacant land valued up to $350,000, and will receive concessions on duty for vacant land valued between $350,000 and $450,000.

First home owner grant questionnaire

How a Mortgage Choice broker can help

Your local Mortgage Choice broker can take you through all of the incentives available, help you determine what you’re eligible for, and assist you in preparing all of the relevant paperwork to ensure you claim everything you’re entitled to.

Applying for the First Home Owner Grant

1

In most cases

the lenders are able to act as agents for the Revenue Office.

2

This allows the First Home Owner Grant funds

to be available at settlement or at the first progress payment if you are building your home.

3

If you apply directly to the Revenue Office,

funds will not be available until after settlement or completion of the home if you are building.

Talk to us today to find out more about first home buyer incentives.

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Established in 1992 by brothers Rod and Peter Higgins, Mortgage Choice was founded with the aim to help Australians improve their financial situation by offering a choice of home loan providers, coupled with the expert advice of a mortgage professional.

Since that time, we have grown and developed into a fully fledged financial services provider, and our founding principle remains very much at the heart of what we do.

Over 25 years of industry experience has taught us that you want advice you can trust and understand, from experts who have your best interests at heart. We now have the ability to deliver this across various financial products, including home loans, financial planning, car loans, personal loans, commercial loans, asset finance, deposit bonds, as well as risk and general insurance.

Disclaimer

The information provided on this website is for general education purposes only and is not intended to constitute specialist or personal advice. This website has been prepared without taking into account your objectives, financial situation or needs. Because of this, you should consider the appropriateness of the advice to your own situation and needs before taking any action. It should not be relied upon for the purposes of entering into any legal or financial commitments. Specific investment advice should be obtained from a suitably qualified professional before adopting any investment strategy. If any financial product has been mentioned, you should obtain and read a copy of the relevant Product Disclosure Statement and consider the information contained within that Statement with regard to your personal circumstances, before making any decision about whether to acquire the product. You can obtain a copy of the PDS by emailing info@mortgagechoice.com.au or by calling 13 77 62.

#The comparison rate provided is based on a loan amount of $150,000 and a term of 25 years. WARNING: This Comparison Rate applies only to the example or examples given. Different amounts and terms will result in different Comparison Rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.